Last updated: Nov. 24, 2022
It’s official. The federal government has increased the 2023 Tax Free Savings Account (TFSA) contribution limit to $6,500. This is up from the 2022 annual TFSA contribution limit of $6,000 and represents the first TFSA limit increase since 2019. It also means that starting on January 1, 2023, eligible Canadians will … Read more
Last updated: Nov. 4, 2022
*UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing because … Read more
Last updated: Aug. 4, 2022
In 2008, Jamie Myatt was working in the oil patch as an electrician when the economy took a downturn. When he came back home to Dartmouth, he found a job as a journeyman for a local company. But it wasn’t long before he felt unfulfilled in his role and decided to … Read more
Last updated: May. 5, 2022
Last week, Ontario Finance Minister, Peter Bethlenfalvy, tabled the province’s fiscal 2022–23 budget. Titled Ontario’s Plan to Build, budget 2022 introduces measures to rebuild Ontario’s economy, support workers, build highways and key infrastructure, reduce costs on everyday expenses, and increase healthcare capacity to keep the province open. The government is forecasting … Read more
Last updated: Apr. 27, 2022
This case-study is a follow-up to the Transition Planning for Farmers: Multi-year Planning article. Little by little, one farm successfully changes hands It’s not often you hear someone describe their farm transition as “flawless,” but that’s just how Denis Boucher labeled the experience. For as long as Denis can remember he … Read more
Last updated: Apr. 27, 2022
Part 4: Transitions should not occur over night Most transition plans last multiple years and often require substantial amounts of planning, conversations, thinking, restructuring and focus. Often the transition begins long before it truly begins with informal conversations in the barn or on a drive into town. Other times the transition … Read more
Last updated: Apr. 21, 2022
This case-study is a follow-up to the Transition Planning for Farmers: Diversified Operations article. From crops to biogas, how and why one farm made a drastic transformation post-transition. Gerald and Birthe Perry had always planned to retire at 60 and put the farm in the hands of their two sons, Chris … Read more
Last updated: Apr. 21, 2022
Part 3: Moving from one model of success to another Most farmers in Canada transition the farm down to another family member. Often, though, the transition needs to grow or diversify in order to maintain a new standard of profitability. When a child comes homes, and possibly brings a partner along … Read more
Last updated: Apr. 21, 2022
On April 12, 2022, Manitoba’s Finance Minister Cameron Friesen presented the province’s fiscal 2022-23 budget. Budget 2022 sets the path to recovery in five priority areas: healthcare, the economy, communities, affordability, and the environment. Provincial deficits of $1.4 billion for 2021-22, $548 million for 2022-23, and $440 million for 2023-24 are … Read more